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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    17623 Homestead Ave Miami, FL 33157-5339

    • Office buildings
    • 5,339 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Jul 27, 2023
    $1,515,750
    Value Estimations
    $1,515,000
    Show details
    Cap Rate Potential
    7.9%
    Office buildings
    Location Intelligence
    Property ID
    US18-1566623
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Rainbow of Hope / Social Service Agency / Charitable Organization

    Property Details for 17623 Homestead Ave

    Year built
    1992
    Construction
    CONCRETE
    Lot size
    0.31 lot acres
    Property size
    5,339 SF
    Zone code
    6161
    Property type
    Office buildings
    APN
    30-5032-004-1790
    APU
    3050320041790

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,935,000
      ML approach
      $1,640,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $965,000
      Market price range: $966k - $1.93M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,465,000
      Current use
      MEDICAL BUILDING
      $2,345,000
      Change: +60% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,585,000
      Change: +8% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,515,000
      Change: +4% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.3537
    Latitude
    25.6045
    CBSA code
    33100
    CBSA name
    MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $10,852
    $272,580
    $389,030
    $661,610
    -
    $272,580
    $389,030
    $661,610

    Comparable in this City

    • Value Estimation
      $9,045,000
      48,160 SF

      15715 Dixie Hwy

      OFFICE BUILDING (MULTI-STORY) • 48,160 SF
      15715 Dixie Hwy, Palmetto Bay, FL 33157-1800
      View Details
    • Value Estimation by Request
      995 SF

      9771 Wayne Ave

      PROFESSIONAL BUILDING • 995 SF
      9771 Wayne Ave, Palmetto Bay, FL 33157-5540
      View Details
    • Value Estimation by Request
      1,958 SF

      9299 152nd St Ste, Unit 102

      OFFICE BUILDING (MULTI-STORY) • 1,958 SF
      9299 152nd St Ste, Palmetto Bay, FL 33157-1775
      View Details
    • Value Estimation by Request
      746 SF

      9275 152nd St Ste, Unit 205

      PROFESSIONAL BUILDING • 746 SF
      9275 152nd St Ste, Palmetto Bay, FL 33157-1774
      View Details
    • Value Estimation by Request
      1,668 SF

      9710 Indigo St Ste, Unit 303

      OFFICE BUILDING (MULTI-STORY) • 1,668 SF
      9710 Indigo St Ste, Palmetto Bay, FL 33157-5613
      View Details
    • Value Estimation by Request
      2,406 SF

      9299 152nd St Ste, Unit 103

      OFFICE BUILDING (MULTI-STORY) • 2,406 SF
      9299 152nd St Ste, Palmetto Bay, FL 33157-1775
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      303,798 SF

      Cutler Bay Facility For Sale

      109,000 SF facility on 10 acres with ample parking.
      19500 S Dixie Hwy, Miami, FL 33157
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      Cutler Bay Office Building

      Well-located commercial property with owner financing available.
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      Prime Miami Medical Office Building

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    • Contact for pricing
      36,297 SF

      Move-in Ready Office Space

      Available office spaces with rooftop parking and highway frontage.
      15315 S Dixie Hwy, Miami, FL 33157
      View Details
    • $975,000

      Palmetto Bay Commercial Condominium

      Income-producing commercial condominium in rapidly expanding Cutler Bay, Florida.
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    • $2,000,000

      Certified Medical Research Facility

      Turn-key medical research facility with ongoing NIH-funded studies.
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    Similar Nearby for Lease

    • $3,500 /Mo

      Palmetto Bay Retail/Office Space

      800 sqft retail/office space in Palmetto Bay available for rent.
      9225 SW 158Th Ln, Palmetto Bay, FL 33157
      View Details
    • $30 SF/Yr
      29,000 SF

      Coral Reef Plaza Office Space

      Miami Office, Move-In Ready, 634 sqft
      15315 Dixie Hwy, Palmetto Bay, FL 33157
      View Details
    • $0.44 SF/Yr
      21,617 SF

      Miami Medical Office Condo For Lease

      Prime Medical Office Space in Coral Reef
      9299 152 Dr, Miami, FL 33157
      View Details
    • $35 SF/Yr
      568 SF

      Move-in Ready Office Space

      Available office space with rooftop parking in Miami, FL.
      15321-15327 S Dixie Hwy, Miami, FL 33157
      View Details
    • $7,640 /Mo

      Palmetto Bay Retail/Medical Space

      1,528 SF retail/medical space available immediately in Palmetto Bay, FL.
      8950 SW 152Nd St, Palmetto Bay, FL 33157
      View Details
    • $17 SF/Yr

      Industrial Warehouse with Office Space

      Miami warehouse with office, bay door, and high ceilings.
      18625 SW 105Th Ave, Miami, FL 33157
      View Details
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    17623 Homestead Ave
    Miami, FL 33157-5339
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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